Pi Network price held steady on Tuesday, even as Bitcoin and most altcoins retreated. The token rose by 0.45% to $0.1615, a few points above this week’s low of $0.1564. Technical analysis points to a sustained recovery as key network metrics jump.
Pi Network Price Could Benefit as Key Metrics Jump
In an X post, Pi Network developers noted that the ecosystem was still growing despite the fact that the price has crashed by over 90% from its all-time high.
For example, the X post noted that the number of users who have migrated to the mainnet has jumped by 60% in the last 12 months to over 16.2 million.
The report also showed that over 17.4 million users have already completed the Know Your Customer (KYC) process. This number will likely continue growing in the coming months after the developers launched a new AI feature to accelerate the process.
In a recent statement, the developers noted that they were considering launching a KYC-as-a–Service, a move that will see it compete with other popular crypto projects like Sam Altman’s World and Humanity Protocol. Analysts believe that demand for digital identity will continue rising as the AI demand continues rising.
More data showed that the number of Pi Network nodes has jumped to over 420, while the number of stores accepting Pi Coin has jumped to over 148k, up from 70k in the same period last year. Local commerce users jumped to over 2.1 million.
These numbers came as the network celebrated the first anniversary of its mainnet launch. In the accompanying statement, Nicolas Kokkalis and Chengdiao Fan highlighted the key priorities for the future, including increasing utility, more investments, validator rewards, and KYC as a service.
Still, the statement did not highlight major challenges such as potential token burns, more decentralization, and more exchange listings.
Pi Coin Price Prediction: Technical Analysis
The daily timeframe chart shows that the Pi Network price peaked at $0.2067 on February 15 and then pulled back to the current $0.1615.
A closer look shows that the token has formed a small hammer or dragonfly doji candlestick pattern. This pattern is made up a small body and a long lower shadow and is a common bullish reversal sign in technical analysis.
Most notably, the token has remained slightly above the Supertrend indicator, a sign that bulls are now in control. It is also slightly above the Strong, Pivot, Reverse level of the Murrey Math Lines tool.
Therefore, the most Pi Coin forecast is where the index bounces back, potentially to this month’s high of $0.2057, which is up by about 30% above the current level.
Source: https://coingape.com/markets/pi-network-price-eyes-a-30-jump-as-migrations-jumps-to-16m/